Thank you for reaching out to us.
As a general rule, a minimum of at least 5% of the property value is needed as a deposit as well as additional funds to cover the purchasing costs like stamp duty, conveyancing, etc.
Unfortunately, a $5,000 deposit is not enough deposit for a property worth $450,000. A minimum of at least $22,500 is required.
There are some easy strategies you can use to save for a larger deposit for your home loan:
- Set up savings short, medium and long term goals and review your progress.
- Take a close look into your income and expenses and know where you can cut down on your expenses.
- Start off by saving small and progressively saving more and more each week or month.
Give us a call on 1300 889 743 or fill in our free assessment form to find out if you qualify for a home loan.
Cheers,